An oil lease containing an estimated 2,000,000 barrels of oil may be obtained at time zero for a lease bonus cost of $7,000,000. Additional time zero geological and geophysical (g&g) costs are estimated to total $700,000. These acquisition and g&g costs would be followed by development of the lease and would involve an end of year 1 investment of $5,000,000 in intangible drilling costs and $4,000,000 in tangible completion costs and equipment. Production in year 1 is estimated at 150,000 STB. Year 2 production is estimated at 350,000 STB with 275,000 STB in year 3and 200,000 STB in year 4 when it is expected that the property would be sold for $8,000,000 at the end of year 4. Assume a uniform selling price of $75.00 per barrel over the 4-year producing period. Operating costs are estimated to be $15.00 per barrel and also forecasted to remain constant. Royalties are estimated at 12.5% of gross revenue. The discounting rate is 15%. Calculate the project before-tax cash flows for evaluation period 0 through 4 and determine the net present value of the project.